The audit can be divided into transaction cycles.Which of the following is NOT one of the transaction cycles?
A) payroll and personnel cycle
B) sales and payment cycle
C) sales and collection cycle
D) acquisition and payment cycle

Question

Quizplus · Accepted Answer

The sales and payment cycle is not a commonly recognized transaction cycle in auditing. The three main transaction cycles are the acquisition and payment cycle, the payroll and personnel cycle, and the sales and collection cycle.

The Audit Can Be Divided into Transaction Cycles